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What Form Do You Have To Use To Report A Foreign Bank?
User Photo Maurice Glazer, CEO
Tax Professional Level: Tax Enthusiast

All accounts over $10,000 have to be recorded on Form 114 via eFile called a FBAR. Don't forget to check Schedule B that you have a foreign bank account and what country it is in no matter how much.   Read More
What Form Do You Have To Use To Report A Foreign Bank
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Fin CENN 114 through the BSA efiling system found here -> http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html For more details check out this post -> http://www.johnrdundon.com/fincen-114-report/ or...   Read More
What Form Do You Have To Use To Report A Foreign Bank
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

The form to report Foreign bank account information is FinCEN Report 114, Report of Foreign Bank and Financial Accounts. You are required to file an FBAR if you have a financial interest in or signature authority...   Read More
What Form Do You Have To Use To Report A Foreign Bank
User Photo Will Stevens, CPA
Tax Professional Level: Tax Enthusiast

To report foreign bank accounts you will file FinCEN Report 114, Report of Foreign Bank and Financial Accounts with the IRS.   Read More
Form 5329, When One Believes They Have Reasonable Cause To Be Entitled For A Waiver Of The Penalty, Can They File Form 5329 Prior To Filing...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The IRS does not respond specifically to a 5329 unless you have taken the waiver of penalty in error. Line 55 applies only if you did not take the required minimum distribution (RMD) and are paying the penalty for...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can call the IRS at 800-829-1954 and either use the automated system or speak with an agent. If you filed a married filing jointly return, you cannot use the automated systems. The IRS will issue you a Form...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

I presume you mean the income earned by the independent contractor. That is not effectively connected income as the contractor is not a US citizen or resident and is performing the work outside the United States....   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The only form you should receive from the LLC is a K-1. It is due when the return is due, April 18. However, it is not uncommon for partnerships to file for an extension, so you may not see the K-1 until September....   Read More


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